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Overnight headlines 04/07/2012

Published Wednesday, July 4th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 100.22 (-0.46)

Aug WTI 87.03 (-0.64)

July Gasoil: 878.50 (-2.25)

£/$: 1.5673

Euro/$ 1.2589

 

World News:  

-Asian stocks rise this morning on continued hopes about easing monetary policy by Chinese and European central banks.

-European stocks open marginally lower as Eurostoxx and the German bund futures feel the pressure.

-China’s HSBC services PMI at 10-month low of 52.3 in June vs May’s high of 54.7.

-Pakistan and US have agreed to reopen land routes that NATO uses to supply troops in Afghanistan, ending a 7 month crisis.

-Barclay’s ex Chief Executive Bob Diamond to face parliament over Libor scandal today.

 

Oil News:

-Brent and WTI crude oils slide down this morning as concern that slow economic growth will reduce demand.

-Japan’s commercial crude oil stocks rise 0.36M KL to 16.79M in week to June 30.

-Japan average refinery rate 68.2% last week vs a 66.1% the previous week.

-Fire hits Bangchak oil refinery in Bangkok after an explosion.

-Phillips 66’s 139,000 bpd refinery in Los Angeles, California reported planned flaring this morning.

 

API’s

-Crude down 3M

-Gasoline down 1.4M

-Distillates down 1.1M

-Runs up 127K

-Cushing up 247K

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

0.20

0.21

-0.37

-0.35

-13.26

-13.16

16.91

17.13

5.50

5.75

Second

0.30

0.31

-0.36

-0.35

-12.72

-12.58

16.62

16.87

3.25

3.50

Third

0.09

0.10

-0.42

-0.41

-12.06

-11.91

16.71

17.00

1.50

1.75

z/m

0.68

0.78

-1.14

-1.06

7.25

8.25

z/z

1.97

2.03

-0.69

-0.51

-10.99

-10.88

16.39

16.74

5.25

7.50

Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.